692
Views
14
CrossRef citations to date
0
Altmetric
Research Articles

Board secretary’s financial experience, overconfidence, and SMEs’ financing preference: Evidence from China’s NEEQ market

ORCID Icon, ORCID Icon, &

References

  • Aggarwal, R. K., & Samwick, A. A. (2006). Empire-builders and shirkers: Investment, firm performance, and managerial incentives. Journal of Corporate Finance, 12(3), 515. https://doi.org/10.1016/j.jcorpfin.2006.01.001
  • Agostino, M., & Trivieri, F. (2019). Does trade credit affect technical efficiency? Empirical evidence from Italian manufacturing SMEs. Journal of Small Business Management, 57(2), 576–592. http://doi.org/10.1111/jsbm.12410
  • Alicke, M. D. (1985). Global self-evaluation as determined by the desirability and controllability of trait adjectives. Journal of Personality and Social Psychology, 49(6), 1621–1630. https://doi.org/10.1037/0022-3514.49.6.1621
  • Baker, M. P., Ruback, R. S., & Wurgler, J. (2012). Behavioral corporate finance: A survey[J]. Handbook of the Economics of Finance.
  • Ball, R., Robin, A., & Wu, J. S. (2004). Incentives versus standards: Properties of accounting income in four East Asian countries. Journal of Accounting & Economics, 36(1–3), 235–270. https://doi.org/10.1016/j.jacceco.2003.10.003
  • Bamber, L. S., Jiang, J. X., & Wang, I. Y. (2010). What’s my style? The influence of top managers on voluntary corporate financial disclosure. Accounting Review, 85(4), 1131–1162. https://doi.org/10.2308/accr.2010.85.4.1131
  • Barberis, N., & Thaler, R. H. (2003). A survey of behavioral finance. Handbook of the Economics of Finance.
  • Beck, T., Degryse, H., De Haas, R., & Van Horen, N. (2018). When arm’s length is too far: Relationship banking over the credit cycle. Journal of Financial Economics, 127(1), 174–196. https://doi.org/10.1016/j.jfineco.2017.11.007
  • Bellone, F., Musso, P., Nesta, L., & Schiavo, S. (2010). Financial constraints and firm export behaviour. World Economy, 33(33), 347–373. https://doi.org/10.1111/j.1467-9701.2010.01259.x
  • Ben-David, I., Graham, J. R., & Harvey, C. R. (2010). Managerial miscalibration. Working Paper Series.
  • Benmelech, E., & Frydman, C. (2015). Military CEOs. Journal of Financial Economics, 117(1), 43–59. https://doi.org/10.1016/j.jfineco.2014.04.009
  • Bennedsen, M., Perez-Gonzalez, F., & Wolfenzon, D. (2007). Do CEOs matter? Cei Working Paper
  • Bertrand, M., & Schoar, A. (2003). Managing with style: The effect of managers on firm policies. Quarterly Journal of Economics, 118(4), 1169–1208. https://doi.org/10.1162/003355303322552775
  • Bushee, B. J., Core, J. E., Guay, W., & HAMM, S. J. W. (2010). The role of the business press as an information intermediary. Journal of Accounting Research, 48(1), 1–19. https://doi.org/10.1111/j.1475-679X.2009.00357.x
  • Bushman, R. M., & Piotroski, J. D. (2006). Financial reporting incentives for conservative accounting: The influence of legal and political institutions. Journal of Accounting & Economics, 42(1/2), 107–148. https://doi.org/10.1016/j.jacceco.2005.10.005
  • Bushman, R. M., & Smith, A. J. (2001). Financial accounting information and corporate governance. Journal of Accounting and Economics, 32(1), 237–333. https://doi.org/10.1016/S0165-4101(01)00027-1
  • Bushman, R. M., & Smith, A. J. (2007). Financial accounting information and corporate governance. Journal of Accounting & Economics, 32(1), 237–333. https://doi.org/10.1016/S0165-4101(01)00027-1
  • Chang, X., Dasgupta, S., & Hilary, G. (2006). Analyst coverage and financing decisions. Journal of Finance, 61(6), 3009–3048. http://doi.org/10.1111/j.1540-6261.2006.01010.x
  • Chanowitz, B., & Langer, E. J. (1981). Premature cognitive commitment. Journal of Personality & Social Psychology, 41(6), 1051–1063. https://doi.org/10.1037/0022-3514.41.6.1051
  • Cheng, B., Ioannou, I., & Serafeim, G. (2014). Corporate social responsibility and access to finance. Strategic Management Journal, 35(1), 1–23. https://doi.org/10.1002/smj.2131
  • Cleary, S. (1999). The relationship between firm investment and financial status. Journal of Finance.
  • Cornett, M. M., Marcus, A. J., & Tehranian, H. (2008). Corporate governance and pay-for-performance: The impact of earnings management. Journal of Financial Economics, 87(2), 357–373. https://doi.org/10.1016/j.jfineco.2007.03.003
  • Custódio, C., & Metzger, D. (2014). Financial expert CEOs: CEOs work experience and firms financial policies. Journal of Financial Economics, 114(1), 125–154. https://doi.org/10.1016/j.jfineco.2014.06.002
  • Doukas, J. A., & Petmezas, D. (2007). Acquisitions, overconfident managers and self゛ttribution bias. European Financial Management, 13(3), 531–577. https://doi.org/10.1111/j.1468-036X.2007.00371.x
  • Dyreng, S. D., Hanlon, M., & Maydew, E. L. (2010). The effects of executives on corporate tax avoidance. Accounting Review, 85(4), 1163–1189. https://doi.org/10.2308/accr.2010.85.4.1163
  • Ebbes, P., Papies, D., & Heerde, H. J. V. (2016). Dealing with endogeneity: A nontechnical guide for marketing researchers. Handbook of Market Research.
  • Ellen, L. (2009). Counter clockwise. Ballantine.
  • Eng, L. L., & Mak, Y. T. (2003). Corporate governance and voluntary disclosure. Journal of Accounting & Public Policy, 22(4), 325–345. https://doi.org/10.1016/S0278-4254(03)00037-1
  • Erickson, T., & Whited, T. M. (2000). Measurement error and the relationship between investment and q. Journal of Political Economy, 108(5), 1027–1057. https://doi.org/10.1086/317670
  • Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1–33. http://doi.org/10.1093/rfs/15.1.1
  • Fan, J. P. H., & Wong, T. J. (2002). Corporate ownership structure and the informativeness of accounting earnings in East Asia. Journal of Accounting and Economics, 33(3), 401–425. https://doi.org/10.1016/S0165-4101(02)00047-2
  • Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on economic activity, 19
  • Feng, W. (1999). Internal cash flow and corporate investment. Economic Science, 1, 51–57. https://doi.org/10.19523/j.jjkx.1999.01.007
  • Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217–248. https://doi.org/10.1016/S0304-405X(02)00252-0
  • Frank, M. Z., & Goyal, V. K. (2007). Corporate leverage adjustment: How much do managers really matter? Working Paper. http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.470.7472&rep=rep1&type=pdf
  • Goel, A. M., & Thakor, A. V. (2008). Overconfidence, CEO selection, and corporate governance. Journal of Finance, 63(6), 2737–2784. https://doi.org/10.1111/j.1540-6261.2008.01412.x
  • Graham, J. R., Harvey, C. R., & Puri, M. (2013). Managerial attitudes and corporate actions. Journal of Financial Economics, 109(1), 103–121. https://doi.org/10.1016/j.jfineco.2013.01.010
  • Gupta, G., & Mahakud, J. (2019). Alternative measure of financial development and investment-cash flow sensitivity: Evidence from an emerging economy. Financial Innovation, 5(1), 1. http://doi.org/10.1186/s40854-018-0118-9
  • Hambrick, H. D. C. (1997). Explaining the premiums paid for large acquisitions: Evidence of ceo hubris. Administrative Science Quarterly, 42(1), 103–127. https://doi.org/10.2307/2393810
  • Hamilton, R., Fox, T., & Mark, A. (1998). The financing preferences of small firm owners. International Journal of Entrepreneurial Behavior and Research, 4(3), 239–248. https://doi.org/10.1108/13552559810235529
  • Healy, P. M., & Palepu, K. G. (2001). Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics, 31(1–3), 405–440. https://doi.org/10.1016/S0165-4101(01)00018-0
  • Heaton, J. B. (2002). Managerial optimism and corporate finance. Financial Management, 31(2), 33–45.
  • Hong, H. G., Lim, T., & Stein, J. C. (2000). Bad news travels slowly: Size, analyst coverage and the profitability of momentum strategies. Journal of Finance, 55(1), 265–295. https://doi.org/10.1111/0022-1082.00206
  • Hyytinen, A., & Toivanen, O. (2003). Do financial constraints hold back innovation and growth? Evidence on the role of public policy. Research Policy, 34(9), 1385–1403. https://doi.org/10.1016/j.respol.2005.06.004
  • James, C. M., & Houston, J. F. (2001). Do relationships have limits? Banking relationships, financial constraints, and investment. Journal of Business, 74(3), 347–374. https://doi.org/10.1086/321930
  • Jiang, F., Kim, K. A., Ma, Y., Nofsinger, J. R., & Shi, B. (2019). Corporate culture and investment-cash flow sensitivity. Journal of Business Ethics, 154(2), 425–439. https://doi.org/10.1007/s10551-017-3444-3
  • Kaplan, S. N., & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints ? Quarterly Journal of Economics, 112(1), 169–215. https://doi.org/10.1162/003355397555163
  • Karaivanov, A., Saurina, J., & Townsend, R. M. (2019). Family firms, bank relationships, and financial constraints: A comprehensive score card. International Economic Review, 60(2), 547–593. https://doi.org/10.1111/iere.12362
  • Koriat, A., Lichtenstein, S., & Fischhoff, B. (1980). Reasons for confidence[J]. Journal of Experimental Psychology Human Learning and Memory, 6(2), 107–118. https://doi.org/10.1037/0278-7393.6.2.107
  • La Ferrara, E., Chong, A., & Duryea, S. (2012). Soap operas and fertility: Evidence from Brazil. American Economic Journal: Applied Economics, 4(4), 1–31. http://doi.org/10.1257/app.4.4.1
  • Langer, E. J. (1975). The illusion of control. Journal of Personality & Social Psychology, 32(2), 311–328. https://doi.org/10.1037/0022-3514.32.2.311
  • Larwood, L., & Whittaker, W. (1977). Managerial myopia: Self-serving biases in organizational planning. Journal of Applied Psychology, 62(2), 194–198. https://doi.org/10.1037/0021-9010.62.2.194
  • Lian, Y., & Cheng, J. (2007). Investment-cash flow sensitivity: Financial constraints or agency costs? Journal of Finance and Economics, 33(2), 37–46. https://doi.org/10.16538/j.cnki.jfe.2007.02.004
  • Lichtenstein, S., & Fischhoff, B. (1977). Do those who know more also know more about how much they know? Organizational Behavior & Human Performance, 20(2), 159–183. https://doi.org/10.1016/0030-5073(77)90001-0
  • Liu, M. H. (2011). Analysts’ incentives to produce industry-level versus firm-specific information. Journal of Financial & Quantitative Analysis, 46(3), 757–784. https://doi.org/10.1017/S0022109011000056
  • Liu, Q., & Lu., Y. (2015). Firm investment and exporting: Evidence from China’s value-added tax reform[J]. Journal of International Economics, 97(2), 392–403. https://doi.org/10.1016/j.jinteco.2015.07.003
  • Malmendier, U., & Tate, G. (2005a). Does overconfidence affect corporate investment? CEO overconfidence measures revisited. European Financial Management, 11(5), 649–659. https://doi.org/10.1111/j.1354-7798.2005.00302.x
  • Malmendier, U., & Tate, G. (2005b). CEO overconfidence and corporate investment. Journal of Finance, 60(6), 2661–2700. https://doi.org/10.1111/j.1540-6261.2005.00813.x
  • Mao, Z., Yi, L., & Dahai, F. (2016). Trade liberalization and industrial upgrading in China: Facts and mechanisms. World Economy, 39(10), 78–102.
  • Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39(3), 574–592. http://doi.org/10.1111/j.1540-6261.1984.tb03646.x.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187–221. https://doi.org/10.1016/0304-405X(84)90023-0
  • Peng, Q., & Wei, K. C. (2007). Women executives and corporate investment: Evidence from the S&P 1500. Open Journal of Accounting. http://dx.doi.org/10.2139/ssrn.970543
  • Schreck, P. (2013). Nonfinancial disclosure and analyst forecast accuracy: International evidence on corporate social responsibility disclosure. Social & Environmental Accountability Journal, 33(3), 180–181. https://doi.org/10.1080/0969160X.2013.845036
  • Shauna, L. S., Carlson, L. E., & Astin, J. A. (2006). Mechanisms of mindfulness[J]. Journal of Clinical Psychology, 62(3), 373–386. https://doi.org/10.1002/jclp.20237
  • Shin, H., & Park, Y. S. (1999). Financing preference and internal capital markets: Evidence from Korean ‘chaebols’. Journal of Corporate Finance, 5(2), 169–191. https://doi.org/10.1016/S0929-1199(99)00002-4
  • Shores, D. (1990). The association between interim information and security returns surrounding earnings announcements. Journal of Accounting Research, 28(1), 164–181. https://doi.org/10.2307/2491221
  • Shyam-Sunder, L., & Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51(2), 219–244. https://doi.org/10.1016/S0304-405X(98)00051-8.
  • Vogt, S. (1994). The cash flow-investment relationship: evidence from U.S. manufacturing firms. Financial Management, 23. http://doi.org/10.2307/3665735
  • Weinstein, N. D. (1980). Unrealistic optimism about future life events. Journal of Personality and Social Psychology, 39(5), 806–820. https://doi.org/10.1037/0022-3514.39.5.806

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.